Paramount now owns Warner Bros, HBO, CBS, and CNN, and Netflix is out
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What just happened? Nearly a year after a Warner Bros. acquisition was within Netflix's grasp, Paramount has closed its counteroffer despite opposition from thousands of Hollywood figures and a dozen US states. The deal will intensify an already controversial wave of media consolidation and raise questions about the future of two major news organizations.
Paramount has officially begun its merger with Warner Bros. Discovery, turning parent company Skydance into a new media giant. Following the closure, Skydance confirmed that it will eventually combine streaming services HBO Max, Paramount+, and Discovery+.
Skydance, which acquired Paramount for $8 billion last year, now also owns Warner Bros., HBO, CBS, CNN, and TNT Sports. The new entity controls numerous major media properties, including Harry Potter, SpongeBob SquarePants, Top Gun, Star Trek, Game of Thrones, The Wire, and...
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